Having moved from a defined benefit (DB) to a defined contribution (DC) scheme in 2011, maritime engineering business BMT Group wanted to ensure its 780 UK employees were able to develop a sound retirement strategy.
The business initially considered bringing in a financial adviser but was introduced to the concept of robo-analytics by its benefits provider Opal Benefits, which then put it in touch with Wealth Wizards.
Daisy Mason, HR business partner at BMT Group, who also sits on the pensions governance committee, says: “We wanted to take the risk away from the business and provide employees with advice without them having to take too much time out.”
The system asks individuals a series of questions around their attitude to risk, investment experience and number of years to retirement, before delivering advice around how and where to invest their pension fund.
The package itself sits on the employer’s intranet site, which then links through to the Wealth Wizards site. “We have a video on the front page with our director of HR, development and training introducing it and explaining why we’ve gone for it,” Mason says.
The business ran a number of roadshows last summer and launched the scheme at the end of August. “It’s given us an answer to the questions we get from people who are engaged in pensions and want to know more, but it’s also helped engage people who were unsure about it, as well as new employees,” says Mason.
BMT is now looking at facilitating advice around decumulation, as well as investment. “We’ll review it on an annual basis but we are thinking about having some kind of at-retirement proposal as well,” Mason adds.